According to a new market report published by Transparency Market Research, the global IoT in healthcare market is expected to reach US$ 322.77 Bn by 2025, expanding at a CAGR of 20.6% from 2017 to 2025. North America held the highest market share in the IoT in healthcare market in 2016. According to the report, the global IoT in healthcare market will continue to be influenced by a range of macro economic and industry-specific factors.
Increasing number of internet connected devices driving the market
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Internet connected devices have been introduced to monitor and diagnose patients in various ways. Tracking health information is vital for patients whether the data comes from electrocardiograms, fetal monitors, blood glucose levels, or temperature monitors. Most of these measures require follow-up with healthcare professionals, creating an opportunity for smarter electronic devices to deliver more valuable data by reducing the need for direct physician-patient interaction.
Most hospitals have started installing ‘smart beds’ enabling them to detect when the patient is attempting to get up and when it is occupied. It can also self-adjust to ensure that the appropriate support and pressure is applied to the patient without manual intervention. Another benefit of IoT in healthcare is integration with home medical dispensers to automatically upload data on cloud when medication is not taken or in any other case which requires the health professional to be alerted.
Internet of Things (IoT) in Healthcare Market: Scope of the Report
The report offers detailed segmentation based on component, application, end-use, technology, and region. Based on component, the market is segmented into hardware, software, and services. The hardware component has been further classified into portable diagnostic devices and non-portable diagnostic devices. Portable diagnostic devices are further segmented into on-body wearable and others. By application, the market is segmented into telemedicine, medication management, clinical operations, patient monitoring, connected imaging and others. By end-use, the market is classified into hospitals, pharmaceuticals, and clinics & laboratories. In terms of technology, the IoT in healthcare market has been segmented into Bluetooth, Wi-Fi, NFC, Zigbee, RFID, and others which include cellular, satellite, Zwave, and EnOcean.
Global Internet of Things (IoT) in Healthcare Market: Competitive Dynamics
Key industry participants of the IoT in healthcare market are AdhereTech Inc., Cerner Corporation, IBM Corporation, Qualcomm Technologies Inc., Cisco Inc., General Electric Company, Ericsson AB, Honeywell International, Medtronic Inc., SAP SE, Vodafone, and Zebra Technologies. Players indulge in mergers and acquisitions, new product launches, and follow forward and backward integration strategies to remain globally competitive.